Yancey Company The Following Information Is Available for Yancey Company,a Retail Store,for

question 114

Essay

Yancey Company
The following information is available for Yancey Company,a retail store,for the year 2013.The company uses a periodic inventory system.
Beginning inventory was $32,000.During the year,Yancey Company purchased goods totaling $634,000 on account with terms of 2/10,n/30,FOB shipping point.Yancey Company paid $1,000 in total freight charges directly to the freight company.At the end of the year,inventory on hand totaled $45,000.Net sales reported on the income statement for the year totaled $1,300,000.
-Refer to the information provided for Yancey Company.How much is cost of goods available for sale for 2013 assuming that Yancey Company take advantage of one-half of the cash discounts?

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Definitions:

Predicting

The act of forecasting future events or trends based on current or historical data.

Final Grade

The cumulative score or assessment representing a student's performance across an academic term, semester, or course.

Significance Level

The risk of erroneously declining the null hypothesis in statistical evaluation, commonly marked by alpha.

Linearly Related

A description of two variables that change at a constant rate with respect to each other.